Reference no: EM132738054
Donna Company submits the following data for May 2013
Direct labor cost P80, 000
Purchases P100, 000
Factory overhead Applied at 150% of direct labor cost
Inventories May 1 May 31
Finished goods P45, 000 P24, 000
Work in Process P25, 800 P18, 000
Materials P22, 000 P25, 000
Actual factory overhead amounts to P80,000.
Problem 1: The adjustment posted on the Cost of Goods Sold T-Account is on what side? (input if debit or credit)
Problem 2: How much is the amount transferred out from Work in process and transferred in to Finished Goods?
Problem 3: How much is the Company's Cost of goods sold adjusted assuming over or under applied is closed to COGS?
Problem 4: How much is the adjustment posted on the Cost of Goods sold Account?
Problem 5: How much is the amount transferred out from Finished Goods?
Problem 6: If there are 1,000 units produced during the month, how much is the cost per unit of product?
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